- Supreme Court rules in favour of Saridon, says Piramal Enterprises
- Piramal Enterprises shares gain 1.62% in intraday trade
- Saridon enjoys strong customer allegiance globally, company adds
The Supreme Court has ruled in favour of headache drug Saridon, exempting its formulation from the list of banned fixed dose combination (FDCs) drugs, Piramal Enterprises said on Thursday. Following this development, shares of Piramal Enterprises rose as much as 1.62 per cent to touch an intraday high of Rs 2,231.80 on the Bombay Stock Exchange (BSE). In September last year, Piramal Enterprises had been awarded a stay order from the Supreme Court on the ban, which allowed it to continue manufacturing, distribution and sale of Saridon, the company said in a regulatory filing.
(Also read: Supreme Court allows sale of Saridon, 2 other drugs)
"We are pleased with the Supreme Court ruling, as it is an affirmation to our commitment to provide effective and safe healthcare solutions that address unique needs of Indian consumers. We were confident that the law would prevail in our favour," said Nandini Piramal, executive director at Piramal Enterprises.
Saridon is amongst the country's most widely distributed analgesic tablets with a strong distribution network across 9 lakh outlets, and enjoys strong customer allegiance globally, Piramal Enterprises said, adding that the popularity of the brand is widespread with 31 tablets being sold every second.
As per a recent study by A.C. Neilson, the addressable analgesic market is Rs 6,450 crore, of which the analgesic tablet market is Rs 2,050 crores (as of December, 2018), the filing by the Mumbai-based drug maker noted.
Piramal Enterprises shares have fallen 7.79 per cent so far this year, underperforming the S&P BSE Healthcare Index, which has declined 3.91 per cent.
Volume in today's trade was below its two-week average as 12,000 shares changed hands on the BSE by afternoon, compared with an average of 27,000 shares traded daily in the past two weeks.
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